Colorado § 38-37-108 - Payments to public trustee - electronic transfers - definition.

§ 38-37-108. Payments to public trustee - electronic transfers - definition.

(1) All moneys payable to a public trustee at any foreclosure sale under the provisions of this article or upon redemption or cure pursuant to article 38 of this title shall be in the form of cash, electronic transfer to an account of the public trustee available for such purpose and in compliance with the conditions placed on the account by the public trustee for such electronic transfer, or certified check, cashier's check, teller's check, or draft denominated as an official check that is a teller's check or a cashier's check as those terms are defined in and governed by the "Uniform Commercial Code", title 4, C.R.S., made payable to the public trustee, and certified or issued by a state-chartered bank, savings and loan association, or credit union licensed to do business in the state of Colorado or a federally chartered bank, savings bank, or credit union.

(2) As used in this section, "electronic transfer" means a transfer of funds initiated by using an electronic terminal, telephonic instrument, or computer or magnetic tape to order or authorize a financial institution to credit or debit an account. "Electronic transfer" payments do not include transactions originated by check, draft, or similar paper instrument.

Source: L. 90: Entire article R&RE, p. 1652, § 1, effective October 1; entire section amended, p. 1849, § 50, effective October 1. L. 91: Entire section amended, p. 1921, § 51, effective June 1. L. 2002: Entire section amended, p. 1332, § 4, effective July 1. L. 2006: Entire section amended, p. 1437, § 3, effective July 1. L. 2012: Entire section amended, (SB 12-030), ch. 96, p. 314, § 2, effective September 1. L. 2015: Entire section amended, (HB 15-1142), ch. 113, p. 337, § 2, effective September 1.

Editor's note: This section is similar to former § 38-37-138, as it existed prior to 1990.

ANNOTATION

Because this section authorizes payment by electronic transfer of funds and the office of the public trustee is required to stay open during regular business hours, the public trustee's bank must accept electronic transfers during regular business hours. Thus, the trial court erred in refusing to grant an extension for redemption of property where the plaintiff attempted to pay by electronic transfer of funds, but was prevented by the public trustee's bank, which had closed early. Buell v. White, 908 P.2d 1175 (Colo. App. 1995).